LB Finance 1H profits up 54% to Rs. 1.56 b

Wednesday, 18 November 2015 01:44 - - {{hitsCtrl.values.hits}}

LB Finance PLC has announced its first half performance for 2015/2016, affirming its continuous growth. Profit after tax was announced at Rs. 1.56 billion, a 54% rise over the previous six months’ figure of Rs. 1.02 billion. Net interest income swelled to Rs. 4.14 billion, a rise of 14% over the corresponding period’s Rs. 3.62 billion. fgj

The total operating income rose to Rs. 4.7 billion compared to Rs. 4.1 billion recorded earlier, marking an increase of 13%. Total assets have reached Rs. 73.2 billion, compared Rs. 62.9 billion as at September 2014.

“Rising public confidence is a manifestation of the strategies in place where the company responds to evolving needs of the people while continuing to be prudent financial stewards, keeping our products and services on the cutting-edge,” says Sumith Adhihetty, Managing Director of LB Finance PLC. “We have been placing a lot of emphasis on retaining our customers and that means helping them with total solutions through a personalised service that make them feel right at home in the world of finance.”

LB Finance PLC is a leading light in the financial services industry in Sri Lanka. The Company was established in 1971 and through the years has built a strong reputation as one of Sri Lanka’s most trusted financial organisations. With a total deposit base of over Rs. 47 billion, LB Finance is proud of the trust placed by the general public making the company the largest non-banking deposit mobiliser in the country.

The company also offers a variety of other services including leasing, factoring, hire purchasing, micro finance, mortgage loans and gold loans. LB Finance is licensed by the Monetary Board of the Central Bank of Sri Lanka under the Finance Business Act No. 42 of 2011.